Interactive Brokers Hong Kong Secures License for Virtual Asset Trading Amid Crypto Boom
Summary:
Interactive Brokers Hong Kong has received a license for retail virtual asset trading, as stated by the firm's Asia Pacific Managing Director, David Friedland. For now, Bitcoin and Ethereum are available for trading, with further details soon to be announced officially. This comes amidst a growing interest in cryptocurrency in Hong Kong, with SEBA (a Swiss crypto bank) also receiving a similar license, while a recent IFEC survey showed only 47% retail investor awareness of local virtual asset regulations.
Interactive Brokers Hong Kong, a leading brokerage firm, has obtained a license to conduct retail client-based virtual asset trading in Hong Kong, as revealed by a LinkedIn post from the firm’s Asia Pacific Managing Director, David Friedland. The post specified Bitcoin (BTC) and Ethereum (ETH) as current trading options in the realm of virtual assets, stating further information about the new license would soon follow in an official statement. Although Cointelegraph reached out to Interactive Brokers for further clarification, the firm has remained silent. This licensing development coincides with Hong Kong's growing reputation as a magnet for crypto industry-related pursuits, prompting companies to seek local certification. Earlier in August, Hashkey held the distinction of being the inaugural crypto exchange in the region with a designated license to deal in crypto assets to retail investors. Related: Hong Kong crypto exchange OSL's owner receives $90M investment In the following month, SEBA, a Swiss crypto bank, was awarded a license by the Hong Kong Securities and Futures Commission (SFC), sanctioning various crypto-related operations to its regional clientele. However, in September, a nefarious incident struck the Hong Kong crypto scene when JPEX, an unlicensed crypto exchange, was purportedly implicated in duping investors of nearly $165 million. In response, Hong Kong regulators addressed these developments the following month, stipulating updated crypto policies. The new policy necessitates crypto intermediaries to verify clients' understanding of virtual asset investment. Limited digital currency offerings will be exclusively available to professional investors, according to the revised policy. A recent survey conducted by the Investor and Financial Education Council (IFEC) of Hong Kong indicated a mere 47% awareness level among retail investors in the region about local virtual asset rules. Magazine: HTX suffers another $30M hack, CBDC trial sees 100K Korean participants, Binance 2.0: Asia Express
Published At
11/24/2023 1:49:02 PM
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